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General Accounting Discussions: question

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    • CommentAuthoraga
    • CommentTimeFeb 22nd 2007 edited
     
    rent is received from a tenant in cash , this should be recorded by
    - debiting the cash account and crediting the rent received account
    could someone help me?
    • CommentAuthorCounter
    • CommentTimeFeb 22nd 2007
     
    Definitely debit Cash. The credit would be Rent Revenue (or Rent Income) if the amount received is being earned in the current accounting period. (If the rent collected is for a future accounting period, you would credit Unearned Rent---a liaility account. If the rent was for a previous accounting period and you had recorded a receivable in the previous accounting period, you would credit Rent Receivable.)
    Thankful People: kajol
    • CommentAuthorkim
    • CommentTimeMar 11th 2007 edited
     
    how do you figure out diect labor when you have direct material and manufacturing overhead and variable overhead. And fixed manufacturing overhead as your labor cost as $360,000
    • CommentAuthormia
    • CommentTimeMar 11th 2007
     

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